According to new research by the Landmark Advisory, one of the largest real estate investment consultancies in the Emirates, property prices in the UAE and Dubai are starting to stabilise.
According to the firm there was even a moderate 7% increase in the prices of Dubai villas. It said that the supply and demand ratio for villas was pretty balanced and forecast stability on the price of villas in the short-term. "If investor confidence and inventories are stabilizing, then we may have possibly reached a price floor for villas," Commented Jesse Downs, director of research and advisory services for the firm.
Unfortunately the same cannot be said of Dubai apartments, though apartment prices declined just 3% in Q3 after a decline of 16% in the second quarter, and much bigger falls in previous quarters. Explaining the reasons behind this, Ms. Downs said: "Apartment inventories remain stable, with the majority of sellers holding prices, and because many distressed sales that were available over the past 3-6 months are no longer available."
This report by Landmark Advisory comes just days after Jones Lang la Salle released a massive report, highlighting Dubai and Abu Dhabi as having the best long term investment potential in the entire Middle East and North Africa region. This was based on the forecast of increasing businesses renting the cheap office space in the UAE, and the incoming staff providing long term high yield lets to residential property owners -- what it called a change of mindset for the industry.
No comments:
Post a Comment